Tokyo rubber futures edged higher on Tuesday on speculative buying, with a technical rebound from the previous session's three-month low, but gains were limited as weaker oil prices weighed on sentiment, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery was up 2.4 yen, or 0.9 percent, to settle at 273.3 yen ($2.88) per kg. The contract rebounded from a 3-month low of 269.5 yen hit on Monday.
"Investors took to speculative buying after prices found a strong support at 270 yen, but there was still a lack of momentum to rise substantially higher as oil prices were weak," said a Bangkok-based dealer. The most-active rubber contract on Shanghai futures exchange for September delivery was up 210 yuan to finish at 22,470 yuan ($3,600) per tonne. The front-month rubber futures contract on Singapore's SICOM exchange for April delivery was last traded at 271.5 US cents per kg, down 0.2 cent.
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